Tongda Electric(SH:603390)2020-04-28 16:00Financial Performance - Operating revenue fell by 65.45% to CNY 75,286,720.08 year-on-year[7] - Net profit attributable to shareholders was CNY -7,045,377.21, a decrease of 113.18% compared to the same period last year[7] - Basic earnings per share dropped by 110.00% to CNY -0.02 compared to CNY 0.20 in the same period last year[7] - The company reported a significant increase in prepayments, rising to ¥13,658,296.10 from ¥7,748,065.53, which is an increase of approximately 76.93%[20] - Net loss for Q1 2020 was ¥8,411,362.51, compared to a net profit of ¥53,394,002.01 in Q1 2019[29] - Operating profit for Q1 2020 was -¥7,707,046.35, a significant decline from ¥60,408,601.71 in Q1 2019[27] - The company reported a total comprehensive loss of ¥1,242,007.36 for Q1 2020, compared to a comprehensive income of ¥55,251,881.23 in Q1 2019[32] Cash Flow - Net cash flow from operating activities was CNY -81,776,793.19, representing a 30.64% decline year-on-year[7] - The net cash flow from operating activities for Q1 2020 was -84,661,454.87 RMB, compared to -68,421,384.62 RMB in Q1 2019, indicating a decline in operational cash flow[36] - The company reported a total operating cash inflow of 79,006,437.99 RMB, down from 146,023,182.08 RMB in Q1 2019, reflecting a decrease in sales revenue[36] - Cash flow from operating activities showed a net outflow of ¥81,776,793.19, compared to a net outflow of ¥62,597,657.55 in Q1 2019[33] Assets and Liabilities - Total assets decreased by 3.72% to CNY 2,061,459,522.64 compared to the end of the previous year[7] - Current assets totaled ¥1,566,355,737.10, down from ¥1,673,303,746.87, indicating a decrease of about 6.39%[20] - Total liabilities decreased to ¥315,456,434.67 from ¥386,698,397.82, a reduction of about 18.43%[21] - Total liabilities as of the end of Q1 2020 were ¥233,324,463.92, a decrease from ¥293,604,802.13 in Q1 2019[25] - The company’s total assets reached ¥1,992,788,549.04 as of the first quarter of 2020[46] Shareholder Information - The total number of shareholders at the end of the reporting period was 30,331[10] - The largest shareholder, Xing Yingbiao, holds 33.37% of the shares, while the second-largest shareholder, Chen Lina, holds 29.12%[10] Government Support - The company received government subsidies amounting to CNY 3,481,346.00 related to its normal business operations[7] - Other income increased by 131.23% to ¥3,481,346.00, primarily due to government subsidies received during the period[14] Research and Development - Research and development expenses rose by 38.05% to ¥15,383,941.63, driven by ongoing technology innovation and product optimization efforts[14] - Research and development expenses for Q1 2020 were ¥15,383,941.63, an increase from ¥11,143,825.43 in Q1 2019[27] Investment Activities - The company is actively investing in new factory projects, with construction in progress amounting to ¥108,791,029.93, an increase of 38.71% from the beginning of the year[13] - The company received 851,000,000.00 RMB from the recovery of investments during the quarter, contributing significantly to cash inflows[36] Changes in Accounting Standards - The company implemented new revenue and leasing standards starting from 2020, which may affect future financial reporting and performance metrics[38] - The company implemented the new revenue recognition standard on January 1, 2020, adjusting the financial statements accordingly, with a reclassification of sales and service-related advance payments amounting to ¥724,269.61 to contract liabilities[42]